Prospect Average Income, Population and Demographics
Are you tired of spending 10+ hours searching for demographic and population data for Prospect, Kentucky? We have all of the data you need by state, county, city, and zip code that will save you many hours of research!
In this article, we'll explore most of the 190+ data points we have for Prospect, covering popular demographics statistics like household income, race, age and gender, educational attainment, poverty, housing, and transportation.
The data on this page is from the 2021 American Community Survey (ACS) 5-Year survey from the US Census Bureau.
Median Household Income
According to the latest ACS 5-year survey in 2021, the median household income in Prospect is $160,960.00.
The chart below shows the average household income by age in Prospect.
25 to 44$182,885.00
45 to 64$250,001.00
65 and over$97,917.00
Average Household Income
A very commonly asked question is "what is the average household income in Prospect, Kentucky?". The official term for the average household income is the mean household income. The mean household income is the total income of all households divided by the number of households.
The average (or mean) household income in Prospect is $226,249.00.
37.93% of households in Prospect, Kentucky are classed as high income households (making $200,000+ per year).
The difference between a median and an average income
The difference between a median and mean household income is that the median income is the middle point of the set of numbers whereas the mean income is an average of all numbers.
Both metrics are important when looking at the income statistics for Prospect but because the median value doesn't depend on other numbers in the dataset, it doesn't change as much when some of the values are extremely low or extremely high.
Household Income Tiers for Prospect
We can also look at the household income tiers. This lets you see how many households fall into each of the earnings brackets and what percentage that bracket is of the total number of households.
The chart below shows the household income brackets to see which age groups have the highest median income. The actual data is more granular than these brackets, but we've simplified them into bigger categories to make reviewing the data for Prospect, Kentucky easier to view.
You can purchase the raw data above, which will have the full income tiers with smaller jumps in household income.
Less than $24,9991.79%
$25,000 to $49,99911.54%
$50,000 to $74,99912.86%
$75,000 to $99,9998.68%
$100,000 to $149,99911.13%
$150,000 to $199,99916.08%
$200,000 or more37.93%
Per Capita Income
The per capita income is the average income of all people in Prospect, Kentucky. This is calculated by dividing the total income of all people in Prospect by the total number of people in Prospect.
It differs from the average or mean household income because it includes all people in Prospect and not just the people who earn an income (i.e. children, retirees, unemployed, etc.).
The per capita income in Prospect, Kentucky is $95,767.00.
Population in Prospect by Race and Ethnicity
The total population in Prospect is currently 4,653 people.
The race and ethnicity of the population in Prospect can be very important for social research, economics, and marketing to a multi-culturial society.
Whether you want to target products or services to a particular race or ethnicity, or provide housing and new businesses to improve areas with a larger ethnic minority population, this data is very valuable for discovering suitable areas.
The chart below breaks down the population and percentage for each race and ethnicity in Prospect, Kentucky.
1.40% Black/African American64
0.00% Hawaiian/Pacific Islander0
0.40% Two or more races17
Population of Prospect by Age and Gender
Another very important demographics statistic for Prospect, Kentucky is the age and gender of the population. The age and gender of the population can be used to track trends in population growth or decline, and for businesses, the data can be used to identify people important to you and your business need.
In the table below, we show age groups at a 10 year granularity for ease of use. The raw data, which can be purchased above, includes age and gender at a 5 year granularity.
|0 to 9 Years||98||147|
|10 to 19 Years||247||294|
|20 to 29 Years||166||127|
|30 to 39 Years||74||147|
|40 to 49 Years||231||188|
|50 to 59 Years||285||536|
|60 to 69 Years||410||403|
|70 Years and over||640||660|
Educational attainment is a very useful statistic that can give insights into other data such as the average household income, unemployment levels, and literacy.
What this means is that it is likely for areas that have higher levels of education to have higher average household incomes, lower unemployment rates, and higher literacy rates.
The chart below shows the educational attainment of the population in Prospect, Kentucky.
Master's degree or higher28.27%
Some college or associate's degree9.02%
High school diploma or equivalent8.11%
Less than high school diploma0.37%
The unemployment rate is the percentage of the population that is actively looking for work but is unable to find a job. The unemployment rate is a very important statistic for Prospect because it can show how many people are actively looking for work and how many people are unable to find a job.
Lower levels of unemployment is generally seen as a positive sign for the economy. It also makes the government in Prospect look good because it shows that they are doing a good job of creating jobs, working to capacity, being efficient, and keeping the economy strong.
The unemployment rate is calculated using the total population in Prospect, Kentucky that are over the age of 16.
The current population in Prospect that are over the age of 16 is 4,025 people.
The unemployment rate in Prospect is 4.90%, which means 1,790 people are unemployed.
Median Age in Prospect
The median age is an interesting metric because it gives us an idea of the age distribution of people in Prospect, Kentucky. You know when you see a median age that it is the age where half of the population is older and half is younger than it.
For demographic studies, this can be used to infer and compare date to things such as birth rates, the age of parents, and so on.
An increasing median age can be a sign of an aging population, which can be a sign of a declining population. This is because older people tend to have fewer children and die more often than younger people.
The median age in Prospect is 57.5 years old.
We can also look at the median age by gender to compare the see how each group compares to the total median age:
Median age by gender in Prospect
Households and Families
There are a total of 1,959 households in Prospect, and the average household size is 2.38 people.
For families, the total number is 1,547, and the average family size is 2.69 people.
1.60% of those families in Prospect, Kentucky are living below the poverty line.
The table below shows the poverty thresholds for Prospect in 2022.
|Household Size||Poverty Threshold|
Please note that the poverty thresholds shown above are from 2022, while the latest demographics data we have is from 2021.
Households and Families by Marital Status
There are four types of household and family, as defined by the Census Bureau:
- Male householder, no spouse present
- Female householder, no spouse present
- Nonfamily household
In the table below, you can see the total households and families in Prospect, Kentucky for each type, as well as the average sizes.
|Average Household Size||2.66||2||3.23||1.2|
|Average Household Size||2.66||2||3.23||0|
Housing Data in Prospect
There are total of 2,123 housing units in Prospect, Kentucky. Of those units, 1,959 (92.28%) are occupied, and 164 (7.72%) are vacant.
Of the 2,123 housing units in Prospect, 95 (4.47%) are occupied by renters. The median rent paid by renters is $1,147.00.
Owner occupied housing units make up the remaining 86.91% of housing units, with 1,845 housing units in total.
The table below breaks down how much rent is paid by renters in Prospect, Kentucky.
No rent paid19
Less than $5000
$500 to $99931
$1,000 to $1,49928
$1,500 to $1,9990
$2,000 to $2,49932
$2,500 to $2,9990
$3,000 or more4
The median value of a property in Prospect is $426,300.00.
The table below breaks down the range of valuations for all properties in Prospect.
Less than $50,00015
$50,000 to $99,99910
$100,000 to $149,99938
$150,000 to $199,99932
$200,000 to $299,999174
$300,000 to $499,999837
$500,000 to $999,999711
$1,000,000 or more28
We can also look at the number of properties built in a given year to see the spread of property age in Prospect, Kentucky.
1939 or earlier10
1940 to 19490
1950 to 195917
1960 to 1969224
1970 to 1979534
1980 to 1989393
1990 to 1999734
2000 to 2009192
2010 to 201319
2014 or later0
Vehicles Available per Household
Finally, we have data on how many vehicles each household in Prospect has. The table below breaks down the number of vehicles available per household.
No vehicles available5
1 vehicle available410
2 vehicles available1,087
3 or more vehicles available457
Commuting to Work in Prospect
The time and means of commuting to work are useful metrics to look at because they can be correlated against other data such as income and education level.
Does a longer commuting time indicate a higher average income? If so, has the huge increase in home working during the pandemic changed this?
Using these metrics, we can get a better understanding of the demographics of Prospect, Kentucky, how they commute, and how that correlates to other data points.
The average travel time is 24.6 minutes, and the chart below covers the range of travel times across the population of Prospect.
Less than 5 minutes61
5 to 9 minutes10
10 to 14 minutes104
15 to 19 minutes321
20 to 24 minutes466
25 to 29 minutes357
30 to 34 minutes348
35 to 39 minutes27
40 to 44 minutes29
45 to 59 minutes38
60 to 89 minutes0
90 or more minutes34
We can also look at the means of transport in Prospect to see which modes of transport people are using to commute to work.
Worked from home304
Hopefully this article has given you the demographics data you were looking for in Prospect, Kentucky.
If you need more demographics data, or you need the data listed above in spreadsheet form with more granular grouping, head back to the top of this page where you can purchase the complete demographics data for Prospect.
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"Prospect Average Income, Population and Demographics". NameCensus.com. Accessed on June 9, 2023. https://namecensus.com/demographics/maine/waldo-county/prospect/.
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